Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

See your home value right now: http://www.thegilmartins.com/home-valuation/

Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, May 6th, 2019, with your Monday Morning Market Minute.

Single family inventory from South San Francisco to Redwood City right now is 182 that is up from 163 of last week. Last year at this time this number was 148. We had 63 homes come onto the market exactly the same as last week, and 39 homes go into contract not exactly the 40 number but basically the number we like to see week in and week out.

Condominiums right now, 90 condominiums on the market thats up from 76 of last week. We had 25 condominiums come onto the market and we had 15 condominiums go into contract thats down 1 tick from last weeks 16 and the week before that, but still relatively healthy number. But this is interesting 13 homes either expired cancelled or withdrew from market place, kind of high number. But even more important here 18 homes REDUCED their price that is the largest number of price reductions in one week in 2019.

So total total from South San Francisco to Redwood City inventory is 272, thats up from 239 of last week. Last year at this time that number was 211 and the 2018 peak number as a comparison was 344, so today we are at 272 and last years peak was 344, so you can see there is  lot of room there and yet a lot more inventory on the market today than there was at this time last year. This is great news for buyers .there is more stuff to look at and interest rates are still low. For sellers if you are doing it right your homes are selling!

Continue to join us on the podcast Beyond the Minute where Tim and myself go deeper  with these numbers and how it effects the economy and what is going on here in the mid peninsula.

Thanks for listening and Have a great day and we will talk to you next week!